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Thread: The price of oil

  1. #1
    Site Caretaker Dave A's Avatar
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    The price of oil

    Prepare to be gouged!
    Ministers of the Organisation of the Petroleum Exporting Countries (Opec) on Thursday decided to "stay the course" and keep output steady as they bet on a strengthening economy and tentative signs of increased demand to boost oil prices.

    "Stay the course, this is the decision," Saudi Oil Minister Ali al-Naimi told reporters following just less than two hours of talks, which had been widely expected to maintain existing production targets.

    Some members voiced concern that high levels of inventory could depress prices, but Naimi said demand was rising and would drain away excess supplies.

    "The price is good, the market is in good shape, recovery is under way. What else could we want?" he said.

    United States oil futures have already reached six-month highs well above $60, almost double levels plumbed in December.

    Naimi said the world was ready to cope with oil at $75 to $80 a barrel and predicted it could reach that level before the end of the year, although other ministers said it could take longer than that.

    Oil around $75 to $80 is the price producers say is needed to sustain investment in new supplies for the long term.
    full story from M&G here
    If the strategy is to watch oil prices climb as the global economy picks up, watch out for inflation in the recovery!
    The trouble with opportunity is it normally comes dressed up as work.

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    In truth I really don’t see the need for Oil anymore. Fact is we don’t need it. South Africa can make almost any product synthetically anyway. Also Honda made a car that runs on Hydrogen. Now if only we can see the + side of Nuclear power we can make Hydrogen in abundance and stop these Oil monsters once and for all.

    Fact is that we don’t have a government transport alternative so Oil prices are a big thing for South Africans. Unlike America and UK we actually need our cars because there is no other transport system available. So inflation on the long term might be an inevitability and we will suffer for it.

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    Site Caretaker Dave A's Avatar
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    Oil (or energy) is only one part of the inflation monster threat nowadays; food pricing is also becoming a major issue.
    The trouble with opportunity is it normally comes dressed up as work.

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    I remember a man once said that the car companies can force South-Africans into submission because South-Africans will always need cars do go to work. This was in the1980’s Well the same is true with food. we are not allowed to own land anymore and let’s face it we can’t grow food all year round at our small suburban homes so we need to buy food. So the food manufactures can make their prices as high as they want to and we have to pay or die. Inflation is just an excuse... The fact is the cost of living is becoming impossible for the poor and soon South African politicians will be faced with a new human mind set called anarchy.

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